As the new year gets underway, businesses are looking for the best new big data technology of 2022. Those driven by a solid commitment to innovation continue to look to big data as an avenue for success, growth, and new products or services.
As companies embrace the Internet of Things (IoT) technology as part of their infrastructure, artificial intelligence (AI), machine learning (ML), and virtual and augmented reality (VR and AR) need access to big data applications to continue to evolve and optimize their performance.
It’s estimated that over 64.2 zettabytes of data were created and consumed in 2020. This number is expected to almost triple to 180 zettabytes by 2025. When contrasted with the fact that over 80% of all data is either unstructured or partially structured, there’s a huge need for technologies to help make sense of the madness.
Big Data Technologies
Let’s take a look at the big data technologies you should pay attention to in 2022.
Business intelligence uses deep analytics and big data generated by business transactions to predict trends and patterns in everything from the supply chain to customer behavior. Through machine learning algorithms, it helps companies develop strategies that drive growth and innovation. Business intelligence can be applied across manufacturing, supply chain, customer retention and interaction, and many other areas.
Big data combined with cloud-based analytics software offers a new level of predictive analytics not possible a decade ago. It relies heavily on data mining and uses historical and real-time transactional data to predict future events. Predictive analytics not only provides deep business insights for any industry, but it can also offer predictive and prescriptive solutions. The use cases are as diverse as predictive maintenance within manufacturing, real-time field service for a proactive response within service companies, and more.
Artificial Intelligence (AI)
While not a new concept, AI will continue to grab headlines and transform business and innovation. The technology has advanced from an add-on cloud-based application available through software to an integral part of business equipment. A Gartner study predicted that AI would be fully embedded in almost 60% of all solutions using big data and analytics by the end of the year.
With the sheer volume of data generated by business transactions, many tiered solutions have already made headlines to help process data and reduce latency. These include edge computing and fog computing. Cloud-native analytics is the inevitable approach to standardizing cloud analytics systems to take advantage of the cloud delivery system. It allows data specialists and data scientists to develop analytics services and platforms that align with specific industry use cases. It’s the beginning of standardization within a diverse industry to further harness the power of big data and provide order while ensuring innovative advancement. It optimizes cost and streamlines mass migration to the cloud.
Streaming analytics allows data to be analyzed and results returned to the user in real-time as it’s collected. This new technology is a logical outgrowth of IoT functionality. As more devices are embedded with IoT technology and more capacity and analytical capabilities are available from cloud-based analytics, streaming analytics will become faster and more reliable. This has tremendous promise for precision medicine applications, warehousing, and logistics.
2022 will be a promising year for these technologies and many more. However, determining how entrepreneurs can use them effectively in their new ventures may be a more challenging concept. The Henry Bernick Entrepreneurship Centre (HBEC) at Georgian College can help guide you and connect you with resources to understand how to leverage big data technology in your business to optimize its growth and innovation. Contact us today to see how we can help.